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A Huntersville-based hospitality-management company has purchased 4.6 acres at the intersection of South Tryon Street and West Tremont Avenue and is working with The Boulevard Co. to build 164 apartments at the site. And additional phases of multifamily and commercial development are to come.

Boykin Management Co., which develops and operates hotels, resorts and conference centers, recently bought three parcels on the northeast corner of the intersection for $5.5 million. Multifamily developer The Boulevard Co., led by Chris Branch, is working with Boykin on the project and has a minority interest.

The land was purchased by a pair of companies called 2001 South Tryon and 330 West Tremont. The latter, which now owns 2.2 acres along West Tremont, has secured $21.1 million in HUD financing from Red Mortgage Capital for the project, according to real estate records

Rich Longo, president of Boykin Management, says the first phase will be a four-story apartment building with 164 units on top of two levels of parking. That development will likely be completed in 2013.

Boykin is planning a second, slightly smaller phase of apartments as well as a couple of commercial or retail outparcel buildings at the site.

“We’re very excited about this opportunity,” Longo says.

He says Boykin invested in the first 196-unit phase of 1225 South Church, an apartment project in South End that The Boulevard Co. developed and then sold to a Memphis, Tenn.-based real estate investment trust.

Kenneth Abner, a lawyer with Bishop, Dulaney & Joyner, is also a minority partner in 330 West Tremont, according to real estate documents. Abner was in-house counsel for The Boulevard Co. from 2004 to 2009.

Apartment development has gained momentum in Charlotte during the past year because of increased demand from renters and limited supply.

The average vacancy rate for apartments in the Charlotte market dropped to 6.7% in February from 7.2% a year earlier, according to Real Data. In its latest report, the real estate research firm says more than 3,000 units are under construction and developers have plans for an additional 8,300 in the area.

Branch joined Faison Enterprises Inc. last year to lead the real estate firm’s multifamily development efforts and has been winding down his development activity with The Boulevard Co. since then. Faison is not involved in the Boykin project.